Fervo Energy Closes Major Funding Round to Scale Enhanced Geothermal Power December 11, 2025 Fervo Energy, a leading developer of next-generation geothermal power, has announced the successful closure of a $432 million Series E funding round. The investment, led by B Capital with significant participation from Google, signals strong market confidence in enhanced geothermal systems (EGS) as a critical solution for providing reliable, carbon-free energy to power-intensive industries like data centers. The substantial capital infusion will primarily accelerate the build-out of Fervo's flagship Cape Station project in Beaver County, Utah. This facility is slated to begin delivering 100 megawatts (MW) of power to the grid by 2026, with plans to scale its capacity to 500 MW by 2028. Upon completion, Cape Station is positioned to become the world's largest EGS project. The funding will also support several other early-stage developments in the company's pipeline. Enhanced geothermal technology represents a significant advancement over conventional methods. By adapting techniques from the oil and gas industry, such as horizontal drilling and hydraulic stimulation, EGS can create permeability in hot rock reservoirs that were previously inaccessible. This innovation unlocks a vastly larger and more geographically diverse potential for geothermal energy, capable of delivering firm, baseload power with capacity factors exceeding 90%. Tim Latimer, CEO and co-founder of Fervo Energy, emphasized the timing and necessity of the technology, stating, "Energy markets are demanding dependable, carbon-free power at an unprecedented scale, and Fervo is uniquely positioned to supply it. This funding sharpens our path from breakthrough technology to large-scale deployment at Cape Station and beyond." Google's involvement extends beyond this latest round, building upon a partnership established in 2021 to develop a 5MW pilot plant in Nevada. That project successfully delivered 3.5MW of power to Google's local data centers in 2023. Subsequently, Google committed to purchasing 115MW of capacity from Fervo via a long-term power purchase agreement to support its Nevada operations. The move by major technology firms to secure geothermal power underscores a strategic shift in addressing the soaring energy demands of artificial intelligence and cloud computing. Meta has also signed agreements for a combined 300MW from geothermal developers Sage Geosystems and XGS Energy, while Microsoft has secured 51MW of geothermal power in New Zealand and is partnering on a geothermal-powered data center project in Kenya. This trend highlights the industry's urgent search for scalable, 24/7 clean energy sources beyond intermittent solar and wind. The Series E round attracted a broad consortium of investors, including AllianceBernstein, Devon Energy, Mitsui & Co., Mitsubishi Heavy Industries, Breakthrough Energy Ventures, Capricorn Investment Group, CPP Investments, and Liberty Mutual Investments, among others. Source: datacenterdynamics
Fervo Energy Secures $432 Million in Series E Funding Led by B Capital with Google Participation
